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Money Transfer and Remittance

Money Transfer and Remittance

Has your child got admission to a foreign university? You must definitely be elated. But, have you planned the expenditure yet and most importantly, have you thought about how you will be transferring money for the University fees, GIC or for general expenses of your child? What if we tell you that to transfer money to your child, you will have to submit several documents in the bank along with the details of the search the foreign bank account? Sounds confusing, right? Let us make it easy for you. We can help you make smooth, quick and hassle-free money transfers and remittances also at the lowest additional charges in the market!

Learn more about how money transfers and remittances work and why sender and recipient, give a cancelled cheque, wait for days for your payment to get cleared and you should leave it to us.

What is Money Transfer and Remittance?

Students studying abroad have to stay away from their families and manage things alone. The least parents do is ensure that their child is safe, secure and all his needs are met timely in a foreign country. Money transfer to foreign bank accounts makes this easier. You can easily send money to your child and pay for his tuition fee, accommodation or personal expenses. This is known as money transfer or foreign outward remittance. When you send money from your domestic bank account to your child studying abroad, it is called a foreign outward remittance. When your child receives the money, it will be called foreign inward remittance.

How Do Money Transfers and Remittances Work?

There are two ways through which you can transfer money to your child’s overseas bank account; bank transfer, or wireless transfer through a digital platform. While sending remittances through a money service platform, you should be aware of a few things. To begin with, you will have to choose a verified platform or an authorized dealer and find out which of those offers the best currency exchange rate. Next, you will have to look at the expected time frame in which the money would reflect your child’s bank account. Also, make sure that you choose a platform with efficient customer service. In case your payment gets stuck or delayed, you can contact the agent.

What Are The Guidelines for Money Transfers and Remittances?

There are certain guidelines and restrictions for money transfers and remittances. Foreign transactions are governed by the Foreign Exchange Management Act (FEMA). The Reserve Bank is the regulatory body for foreign money transactions. Here are a few things that you must know about foreign remittances.

  • The maximum limit for foreign remittance in a financial year is $2500000. You cannot make an overseas payment exceeding this amount.
  • If you wish to make a foreign outward remittance, you should necessarily have a PAN card.
  • There are certain KYC requirements that you will have to adhere to at the time of money transfer. You will also be asked to list the purpose of foreign remittance.

How Do We Make Money Transfers and Remittances Easier For You?

Transferring money to a foreign bank account is a complicated process. The foreign remittance procedure is not only strict but also lengthy. It may take a lot of time for your child to receive the money. The time taken usually depends on the agent or the platform through which you are making overseas money transfer. Also, let us not forget that you will have to spend a lot of money on convenience or transaction fees and currency conversion fees. 

For remittances, banks charge between 1-2 rupees for every dollar. For instance, if you transfer $40,000 to your child studying abroad, you would have to pay 40,000 to 80,000 rupees to the bank as transaction fee. 

This is where we help you! We charge a small amount of necessary transaction fee on remittances so that you can save the extra money.

Connect with us to know more about money transfers and remittances!